Meta Platforms (META) gained 7% over the past month while NVIDIA (NVDA) dropped 12%, as ad pricing power and the new Meta Compute service reframe Meta's AI story. Meta Compute converts its massive capex commitment into a recurring revenue stream by renting excess internal AI capacity to enterprises, resembling early AWS. Meta's forward P/E of 19 on 33% growth undercuts NVIDIA's 23 multiple, while NVIDIA carries $119 billion in supply obligations tied to hyperscalers. Meta posted $56.31 billion in revenue with a huge EPS beat; NVIDIA followed with $81.615 billion and 85.23% growth. Meta's Family of Apps generated $55.91 billion, with ad impressions up 19% and price per ad up 12% on a base of 3.56 billion daily users. Reality Labs still bled $4.03 billion. NVIDIA's Data Center revenue hit $75.246 billion, up 92%, with Networking exploding 199%. Zero H20 chips shipped to China this quarter, versus $4.6 billion a year ago. Meta raised 2026 capex to $125 to $145 billion, then launched Meta Compute. Meta guided Q2 to $58 to $61 billion; NVIDIA guided to $91.0 billion, plus or minus 2%, explicitly excluding China. NVIDIA is down 12.46% over the past month while Meta rallied 7.37% last week.